Question

In the pre-reforms period (i.e. before 1991), Import permission was available primarily for _______________,

• A. Cosmetics
• B. Components, Spare Parts
• C. Perfumes
• D. All of the above

Answer 1

Answer: (B)

Components, Spare Parts

India adopted socialist form of economy which involved a lot of government intervention into trade where import of only capital goods were prevalent so that foreign goods do not dominate domestic market and there is no international competition.